ChoiceOne, Sparta, Mich., posted income of $3.8 million in the third quarter compared to $1 million in the same period in 2019.
“ChoiceOne is grateful to report strong net income for the third quarter of 2020, particularly in light of the COVID-19 pandemic,” said Kelly Potes, CEO, in an earnings call. “We experienced significant gains on sales of mortgages offset by a large provision for loan losses expense mostly related to the pandemic. At the same time, our expert teams completed two bank consolidations in 2020 — the consolidation of Lakestone Bank & Trust into ChoiceOne Bank in May, and the consolidation of Community Shores Bank into ChoiceOne Bank in October.”
Potes attributed most of the $1.8 billion bank’s quarterly boost to these two mergers, which is no simple task in normal times. “Our recent mergers have presented us with significant scale to move through these unprecedented times,” Potes said. “We expect to continue to grow our community bank franchise throughout our expanded network across west and southeast Michigan, keeping the safety and security of our customers, employees and those in our communities at the forefront of our growth.”